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Senate Committee to Weigh CFPB Director’s Future, Authority

The fate of the Consumer Financial Protection Bureau and the status of its director Richard Cordray will come to the attention members of the Senate in a hearing scheduled for Tuesday.  

The appointment of Cordray will come before the Senate Banking Committee after being called into question by a court decision in early 2013. Having been initially appointed by President Obama during a congressional “recess” in 2012, Republicans have long opposed the leadership organization of the agency and the unprecedented power they say it wields. 

Not only does the appointment in question yield potential for the director, but additionally, for the agency’s authority. Under Dodd-Frank, the bureau can only take certain actions under the direction of such a leader. 

Reportedly, 43 of 45 Republican senators are opposed to the appointment, prompting what is being called a “contentious” meeting among the senate committee. 

The hearing is scheduled for Tuesday at 10 am Eastern time. 

Written by Elizabeth Ecker